In order to make sure you're on the same page, you should be having regular, sit-down conversations with your spouse to ensure that your finances are on the right track.
Cyprus Credit Union gave us some questions you should be asking your spouse especially with the current environment:
HAVE A MONEY TALK WITH YOUR PARTNER
Prioritizing what is important to you will help determine where money is going when you create your budget. Take the time to talk about your finances. There is a lot of uncertainty with the current environment so couples should discuss the unknowns that could come in to play with their financial situation. Talk about what you can do if someone is laid off or gets a reduction in hours.
ARE WE ON TRACK FOR THOSE GOALS?
It`s not enough to just have goals, you need to make sure you have a plan to get there. Check your progress towards bigger ticket items such as savings, college funds, retirement, etc. If you aren't on track, you may need to move some things around to make sure you are where you need to be.
WHAT MISTAKES HAVE WE MADE?
If you`re having these conversations regularly, it should be easy to look back on your budget and see where you as a couple made mistakes. Maybe you spent more than you had planned or an unexpected expense that you weren't prepared for happened. Come up with a plan to help avoid these issues in the future. Remember that a budget should always be evolving depending on what you need.
HOW IS OUR DEBT?
Whether it`s student loans, credit cards, etc. you should always have a plan on how to eliminate your debt. Instead of just paying off things here and there, it's best to come up with a debt elimination plan so you can ensure that you are saving the most money while dealing with your debt.
WHAT ARE OUR CREDIT SCORES?
Credit scores are the baseline which decides whether or not you will receive a loan. While you don't have a joint score once you're married, your spouse`s score can have the potential to impact your credit and vice versa. You can request a free detailed copy of your credit from the three credit bureaus every year and some financial institutions provide free access to your score all the time. Make sure that everything is correct so you don`t run into an issue down the line.
For more information or to contact Cyprus Credit Union go to cypruscu.com
